Triple-A rated Palo Alto will take bids for $58.5 million of Series 2010A general obligation bonds on Wednesday.

In assigning an Aaa to the bonds Moody’s Investors Service said the rating reflects the city’s economic strength given its location in the heart of the Silicon Valley and the presence of Stanford University. High wealth and income levels, strong financial management, adequate financial flexibility, and low debt levels contributed to the ratings.

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